The Global Federation of Insurance Associations (GFIA) has published a three-page response to the Financial Stability Board’s (FSB) consultation on achieving greater convergence in cyber incident reporting, with GFIA citing its view that new requirements should not be established.
Among other things, the FSB is proposing the development of a format for incident reporting exchange (FIRE) to promote convergence, address operational challenges brought about by reporting to multiple authorities, and foster better communication.
In its consultation, the FSB asked: “Would the FIRE concept, if developed and sufficiently adapted, usefully contribute towards greater convergence in incident reporting?”
GFIA responded to the above question by saying that the concept “could be” handy while pointing to a current lack of information about how it would intersect with and possibly conflict with other requirements.
Part of the consultation response reads: “GFIA fully agrees with the need for a greater convergence in cyber governance frameworks. However, this convergence needs to be met in accordance with the initiatives already existing at regional level, notably in the EU (European Union).
“GFIA believes that FIRE, or any other initiative, should aim to encourage best practices and refrain
from establishing new requirements, such as additional information channels or multiple layers or reporting.”
Formed at a meeting of insurance associations in 2012, GFIA represents the interests of insurers and reinsurers in 67 countries. The FSB, meanwhile, is an international body that monitors and makes recommendations about the global financial system.
